Chinese Sportswear Brand Anta Sports Reports Better-Than-Expected Profit Growth
Chinese sportswear brand Anta Sports reported "better-than-expected profit growth" for the first half of '17 as the company said that its multi-brand strategy "delivered market share gains in both the mass and high end sports wear markets," according to Jane Li of the SOUTH CHINA MORNING POST. Net profit rose 28.5% to 1.5B yuan ($217.8M), or 0.56 yuan per share, from last year's 1.1B yuan, the Fujian-based company said. The result beat the 1.3B yuan ($194.7M) consensus forecast of analysts polled by Bloomberg. Revenue for the period increased 19.2% to 7.3B yuan ($1.09B), from 6.1B yuan in '16, in line with analyst consensus estimates of 7.2B yuan ($1.08B). Anta Sports attributed the net profit growth to "surging demand" for sportswear products from Chinese consumers as well as its multi-brand strategy (SCMP, 8/15).